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Business Management Flashcards

1
Q

What is the definition of Entrepreneurship?

A

Entrepreneurship is the
process of establishing a
business to satisfy a need
in the market whilst taking
on the associated risks.

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2
Q

What is the definition of Entrepreneur?

A

An entrepreneur 
is an individual who starts
up a business and takes
on the associated risks
in order to satisfy a need
in the market.

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3
Q

What are the characteristics of a successful entrepreneur?

A
  • willingness to take calculated risks
  • strong networking ability
  • determination
  • innovation
  • resourcefulness
  • knowledge
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4
Q

What are the three business environments?

A

Internal, external operating, and external macro.

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5
Q

What is the internal environment?

A

The internal business environment involves factors a business has control over.

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6
Q

What are internal factors of a business?

A

Business values, employees, business structure, business model, and owner policies.

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7
Q

What is the external operating environment?

A

The external environment involves the surrounding factors that can impact a business which it has minimal control over.

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8
Q

What are external operating factors?

A

Supply chain, customers’ needs and expectations, competitors’ behaviours, suppliers, and unions.

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9
Q

What are the external macro factors?

A

Macro factors are social, global, technological, and economic conditions that a business works within, and has no control over.

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10
Q

What are external macro factors?

A

Global issues, legal regulations, the economy, global and technological developments, and social attitudes and behaviours.

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11
Q

What are the risks of entrepreneurship?

A

Time risk - investing time, waste of time
career risk - ruining career
financial risk - investing own money, obtaining loan

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12
Q

What is the desired outcome of risk-taking?

A

Taking calculated risks may gain access to more opportunities that can help their business grow and become more competitive.

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13
Q

What is the desired outcome of leadership?

A

Leadership should motivate and encourage employees to work towards achieving the business vision.

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14
Q

What is the entrepreneurship skill innovation?

A

Innovation involves developing new ideas and processes and finding new approaches to problems that may arise.

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15
Q

What is the desired outcome of innovation?

A

To develop new practices that improve the business’s operations (efficiencies and cost). Innovation should also distinguish a business from its competitors.

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16
Q

What is the desired outcome of communication?

A

Communication should reduce miscommunication and errors in the business due to clear vision and direction and should make positive changes from communicated feedback.

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17
Q

What is the entrepreneurship skill decision-making?

A

Decision-making is the ability to analyse situations and select a suitable course of action from a range of plausible options.

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18
Q

What is the desired outcome of decision-making?

A

Good decision-making should minimise mistakes and cost to the business.

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19
Q

What are the personal motivations for starting a business?

A

Financial independence, personal independence, to make a profit, to fulfil a market need, and to fulfil a social need.

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20
Q

What is the personal motivation financial independence?

A

Financial independence is the ability to fund a desired lifestyle without relying on income from another individual.

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21
Q

What is the personal motivation personal independence?

A

Personal independence involves a person being in control of your own decisions and actions.

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22
Q

What is the personal motivation to make a profit?

A

To make a profit involves a business generating more income than expenses it incurred.

23
Q

What is the personal motivation to fulfil a market need?

A

To fulfil a market need is when a business fills a gap in the market by addressing customer needs that are currently under met or underrepresented by competitors in the same industry.

24
Q

What is the personal motivation to fulfil a social need?

A

To fulfil a social need is improving society or the environment through business activities.

25
What are the external operating factors?
Operating factors are the primary external factors impacting a business that it has some control over.
26
What is the definition of manager?
A manager is an individual who has the responsibility of overseeing and handling employees whilst also running the day-to-day business tasks.
27
What are the manager characteristics?
- Determination - knowledge - strong ethics - flexibility
28
What are the entrepreneur characteristics?
- willingness to take calculated risks - strong networking ability - determination - innovative qualities - resourcefulness - knowledge
29
What are the sources of business opportunity?
- research and development - innovation - market opportunities - changing customer needs - global markets - technological developments
30
What is the definition of research and development?
Research and development involves directing resources, such as money, towards discovering, creating, and introducing new products and processes.
31
What is the definition of innovation?
Innovation involves creating and implementing new ideas, or significantly improving upon an existing service, good, or way of doing something.
32
What is the definition of market opportunities?
A market opportunity is a need or want that is currently not being met by any other business.
33
What is the definition of changing customer needs?
Changing customer needs are the transitions in the desires of customers
34
What is the definition of global markets?
The global market is the area in which businesses trade goods and services, comprised of both businesses and customers across the world.
35
What is the definition of technological developments?
Technological developments are the invention and innovation of tools that solve problems and enhance processes.
36
What is the definition of business goals?
Business goals are what a business wants to achieve within a specific time frame.
37
What is the importance of business goals?
Business goals 1. Allow a business manager and employees to work towards a goal 2. Give a business direction so the entrepreneur can plan strategies to achieve the goal. 3. Can indicate what strategies are successful 4. Allow a business to track the progress of the business.
38
What is the definition of financial goals?
Financial goals are targets for improving the overall financial performance of a business.
39
What is the definition of social goals?
Social goals are targets set by a business that aim to improve the welfare of the community, environment, or employees of a business.
40
What are some examples of financial business goals?
- expanding the business - increasing revenue - increasing profit margins - creating more productive business operations - increasing market share
41
What are some examples of social goals?
- reducing businesses impact on the environment - helping to resolve community issues - advocating for employee welfare in the community
42
What is the importance of financial goals?
Helps achieve strong financial progress which is crucial for a business's long-term success
43
What is the importance of social goals?
- improve business reputation so more customers want to shop there - supporting employees can improve employee motivation and performance
44
What is the importance of decision-making?
- decisions can impact the business's success and is an important skill when goal-setting
45
What is the definition of decision-making?
Decision-making is the ability to select a suitable course of action from a range of plausible options.
46
What is the definition of business concept?
A business concept is a brief outline of the business's idea, its main selling activities, and the features that will provide it with a competitive advantage.
47
What is the definition of intellectual property?
Intellectual property is an original creation of the mind that can be legally owned.
48
What are the types of legal barriers?
- trademark - patent - copyright - domain name
49
What does a trademark do?
A trademark protects a business's logo, symbols, colours, packaging, and additional tools used.
50
What does a patent do?
A patent protects the innovative method, process, or device used to stop others from selling the product.
51
What does a copyright do?
A copyright protects an original creation such as music, writing, lyrics, and photographs.
52
What does a domain name do?
A domain name reserves the website address for the business.
53
What is the definition of market research?
Marke research is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry.
54
What is the reason for market research?
Market research can - gain knowledge about the industry and what makes competitors succeed - assess the potential success of a business concept - can help a business gain a competitive advantage by reviewing data.

Business Management (3 decks)

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